23. QUARTERLY RESULTS (UNAUDITED)
Financial information for each quarter in the years ended June 29, 2013 and June 30, 2012 is set forth below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal 2013 Quarter Ended |
|
|
|
|
|||||||||||||
|
September 29 |
|
|
December 29 |
|
|
March 30 |
|
|
June 29 |
|
|
Fiscal Year |
|||||
|
|
(In thousands except for per share data) |
||||||||||||||||
Sales |
$ |
11,086,916 |
|
|
$ |
10,796,890 |
|
|
$ |
10,926,371 |
|
|
$ |
11,601,056 |
|
|
$ |
44,411,233 |
Cost of sales |
|
9,083,372 |
|
|
|
8,879,324 |
|
|
|
9,016,052 |
|
|
|
9,564,894 |
|
|
|
36,543,642 |
Gross profit |
|
2,003,544 |
|
|
|
1,917,566 |
|
|
|
1,910,319 |
|
|
|
2,036,162 |
|
|
|
7,867,591 |
Operating expenses |
|
1,524,762 |
|
|
|
1,534,915 |
|
|
|
1,573,117 |
|
|
|
1,576,319 |
|
|
|
6,209,113 |
Operating income |
|
478,782 |
|
|
|
382,651 |
|
|
|
337,202 |
|
|
|
459,843 |
|
|
|
1,658,478 |
Interest expense |
|
30,868 |
|
|
|
32,242 |
|
|
|
34,215 |
|
|
|
31,170 |
|
|
|
128,495 |
Other expense (income), net |
|
(2,477) |
|
|
|
(1,753) |
|
|
|
(3,410) |
|
|
|
(9,832) |
|
|
|
(17,472) |
Earnings before income taxes |
|
450,391 |
|
|
|
352,162 |
|
|
|
306,397 |
|
|
|
438,505 |
|
|
|
1,547,455 |
Income taxes |
|
163,793 |
|
|
|
130,793 |
|
|
|
104,980 |
|
|
|
155,462 |
|
|
|
555,028 |
Net earnings |
$ |
286,598 |
|
|
$ |
221,369 |
|
|
$ |
201,417 |
|
|
$ |
283,043 |
|
|
$ |
992,427 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net earnings |
$ |
0.49 |
|
|
$ |
0.38 |
|
|
$ |
0.34 |
|
|
$ |
0.48 |
|
|
$ |
1.68 |
Diluted net earnings |
|
0.49 |
|
|
|
0.38 |
|
|
|
0.34 |
|
|
|
0.47 |
|
|
|
1.67 |
Dividends declared |
|
0.27 |
|
|
|
0.28 |
|
|
|
0.28 |
|
|
|
0.28 |
|
|
|
1.11 |
Market price — high/low |
|
31-28 |
|
|
|
32-30 |
|
|
|
36-31 |
|
|
|
35-33 |
|
|
|
36-28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal 2012 Quarter Ended |
|
|
|
|
|||||||||||||
|
October 1 |
|
|
December 31 |
|
|
March 31 |
|
|
June 30 |
|
|
Fiscal Year |
|||||
|
|
(In thousands except for per share data) |
||||||||||||||||
Sales |
$ |
10,586,390 |
|
|
$ |
10,244,421 |
|
|
$ |
10,504,746 |
|
|
$ |
11,045,382 |
|
|
$ |
42,380,939 |
Cost of sales |
|
8,638,790 |
|
|
|
8,398,771 |
|
|
|
8,633,130 |
|
|
|
9,033,671 |
|
|
|
34,704,362 |
Gross profit |
|
1,947,600 |
|
|
|
1,845,650 |
|
|
|
1,871,616 |
|
|
|
2,011,711 |
|
|
|
7,676,577 |
Operating expenses |
|
1,438,260 |
|
|
|
1,418,652 |
|
|
|
1,432,786 |
|
|
|
1,496,247 |
|
|
|
5,785,945 |
Operating income |
|
509,340 |
|
|
|
426,998 |
|
|
|
438,830 |
|
|
|
515,464 |
|
|
|
1,890,632 |
Interest expense |
|
29,474 |
|
|
|
28,324 |
|
|
|
28,290 |
|
|
|
27,308 |
|
|
|
113,396 |
Other (income), net |
|
250 |
|
|
|
(3,472) |
|
|
|
(2,248) |
|
|
|
(1,296) |
|
|
|
(6,766) |
Earnings before income taxes |
|
479,616 |
|
|
|
402,146 |
|
|
|
412,788 |
|
|
|
489,452 |
|
|
|
1,784,002 |
Income taxes |
|
176,963 |
|
|
|
152,033 |
|
|
|
153,238 |
|
|
|
180,183 |
|
|
|
662,417 |
Net earnings |
$ |
302,653 |
|
|
$ |
250,113 |
|
|
$ |
259,550 |
|
|
$ |
309,269 |
|
|
$ |
1,121,585 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net earnings |
$ |
0.51 |
|
|
$ |
0.43 |
|
|
$ |
0.44 |
|
|
$ |
0.53 |
|
|
$ |
1.91 |
Diluted net earnings |
|
0.51 |
|
|
|
0.43 |
|
|
|
0.44 |
|
|
|
0.53 |
|
|
|
1.90 |
Dividends declared |
|
0.26 |
|
|
|
0.27 |
|
|
|
0.27 |
|
|
|
0.27 |
|
|
|
1.07 |
Market price — high/low |
|
32-25 |
|
|
|
30-25 |
|
|
|
31-29 |
|
|
|
30-27 |
|
|
|
32-25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage change — 2013 vs. 2012: |
|
||||||||||||||||||
|
Quarter 1 |
|
Quarter 2 |
|
Quarter 3 |
|
Quarter 4 |
|
Fiscal Year |
||||||||||
Sales |
|
5 |
% |
|
|
5 |
% |
|
|
4 |
% |
|
|
5 |
% |
|
|
5 |
% |
Operating income |
|
(6) |
|
|
|
(10) |
|
|
|
(23) |
|
|
|
(11) |
|
|
|
(12) |
|
Net earnings |
|
(5) |
|
|
|
(11) |
|
|
|
(22) |
|
|
|
(8) |
|
|
|
(12) |
|
Basic net earnings per share |
|
(4) |
|
|
|
(12) |
|
|
|
(23) |
|
|
|
(9) |
|
|
|
(12) |
|
Diluted net earnings per share |
|
(4) |
|
|
|
(12) |
|
|
|
(23) |
|
|
|
(11) |
|
|
|
(12) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial results are impacted by accounting changes and the adoption of various accounting standards. See Note 2, “Changes in Accounting.”